FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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How much supplies did the company purchase during Year 2? Show your work.
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- For Problems 13-16, Find the amount financed. 13. Owen Hawkins purchased carpentry equipment for $1,265 with a $100 down payment. 14. Audrey Copeland purchased a used car for $14,470 with a $3,000 down payment 15. Austin Powell purchased a television for $2,200 with a $500 down payment 16. Megan Barnes purchased photography equipment for $4,100 with a $1,000 down paymentarrow_forwardPaid $3,200 to the owner for his personal use. What would be the correct General Ledger Entry?arrow_forwardA book keeper recorded the purchase of office supplies on accounts as follows: Dr. Supplies expense 34000 Cr. Accounts receivable 34000 How much are total assets over or under stated? show workingsarrow_forward
- [The following information applies to the questions displayed below.] While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Year 1 Assets Purchase Date Basis Computers (5-year) October 30, Year 1 $ 16,400 Office equipment (7-year) October 30, Year 1 10,000 Furniture (7-year) October 30, Year 1 5,800 Start-up costs October 30, Year 1 19,520 In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow information systems students preparing to graduate. The customer list cost $12,520, and the sale was completed on April 30. During their summer break, Dallin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after graduation.…arrow_forwardPurchased equitment with $6,000 cash. What accounts does this go into in the journal?arrow_forwardReceived a $760 deposit from a customer who wanted her piano rebuilt in February. how would you Record the transaction.arrow_forward
- S3-4. (Learning Objective 2: Apply the revenue and expense recognition principles) A largeauto manufacturer sells large fleets of vehicles to auto rental companies, such as Budget andHertz. Suppose Budget is negotiating with the auto manufacturer to purchase 1,000 vehicles.Write a short paragraph to explain to the auto manufacturer when the company should, andshould not, record this sales revenue and the related expense for cost of goods sold. Mention theaccounting principles that provide the basis for your explanation.arrow_forwardPlease tell me what type of the analysis is if the analysis wants to know which customer purchased over $5000 last year but bought nothing this year. Descriptive analytics. B. Diagnostic analytics. Predictive analytics. D. Prescriptive analyticsarrow_forward
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